Carnarvon Energy (CVN) investor relations material

Portfolio and financial position

• Australian oil and gas portfolio spans Bedout Basin exploration, Dorado and Pavo development, and a 19.9% strategic holding in Strike Energy.

• Cash was A$97m at 30 September 2026, with no debt and a US$90m carry for offshore development CAPEX; the 2027 drilling campaign was described as fully funded.

• Bedout gross prospective resources rose 92% to 6.3bn boe, unrisked Pmean, from 3.3bn boe in 2023; the unrisked Pmean share was 1.02bn boe net.

• Bedout permits cover ~11,000 km² in partnership with Santos; about 67% of exploration wells since modern 3D seismic arrived have found oil or gas.

Bedout exploration campaign

• Two firm wells, Ara-1 and Pavo South-1, are planned from Q2 2027 using the contracted Transocean Equinox rig; estimated cost is ~A$20m for both wells.

• Ara targets the Archer Formation and Cuvier Member, with potential for oil and/or gas; the presentation cites 191 MMboe gross unrisked Pmean recoverable resource.

• Pavo South is a nearfield target with 74 MMboe gross unrisked Pmean recoverable volume and 64% geological chance of success; water depth is ~90m and target depth ~3,000m.

• Pavo South is presented as an analogue to Pavo-1, with nearby location, similar trap style, sand-rich Archer reservoir, thicker top seal and geochemical evidence supporting charge.

Dorado and Pavo development

• Dorado is FEED-ready after pre-FEED work completed in 2025; planned production capacity is ~60,000 barrels per day, or ~22m barrels of oil per year.

• Dorado and Pavo hold 25m barrels of net 2C oil resources; net upfront CAPEX is estimated below ~US$200m, including US$90m of secured funding carry.

• Initial operating cost is expected at US$5–10 per barrel; project life is 20 years based on discovered resources and current approvals, with Pavo planned as high-margin backfill after several years.